PayPal filed an appeal in August 2023 before a two-member bench of Delhi High Court seeking to quash the high court judgment and asserted that it employed an ‘arbitrary and impractical’ interpretation of ‘payment system’ under the PMLA to arrive at its conclusion, that of calling it a payments system operator. Even as this case is listed for further hearing on March 7, PayPal informed the Delhi High Court bench on December 15 that it was ‘in the process of registering itself with FIU-IND (Financial Intelligence Unit – India) under the PA-CB Circular No.RBI/2023-24/80 dated 31st October, 2023.’ This circular, brought out by the Reserve Bank of India (RBI) after FIU slapped the Rs 96 lakh penalty against PayPal, is meant to regulate payment aggregators who facilitate cross-border transactions for import and export of permissible goods and services in online mode.
PayPal Appeals High Court Ruling, Registers with FIU-IND, India
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